Tip Top Tailor Files for protection from its’ Creditors

Grafton Fraser Inc., the owner of labels such as Tip Top Tailors, George Richards Big and Tall, Kingsport and other brands, sought and was granted court protection under the Companies Creditors Arrangement Act this week, citing “lower than expected retail sales, increased overhead costs, delays in receipt of seasonal inventory and turnover of key personnel,” in a court filing as reasons for its latest financial difficulties.

The company operates 158 stores across Canada and employs 1,226 people. Filings suggest the company owes more than $60 million, and part of its restructuring plan includes the “proposed closure of underperforming locations.”

The retailer’s woes are just one of a slew of recent failures in the clothing sector, including Mexx, Smart Set, Nine West, Danier, Laura, and Jacob.

WATCH: It was the first day of liquidation sales for most Sears stores in Canada slated for closure. But as Andrew Cromwell reports, even as they looked for bargains, shoppers were aware thousands of people will be out of work in the coming months.

Source: Global News

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